421-a Means It's 2009

Earlier today, City Comptroller Bill Thompson offered his own plan on the 421-a housing program which is giving one of his possible 2009 challengers, Council Speaker Christine Quinn, some trouble.

Thompson wants to create a citywide exclusion zone with a “sliding scale” to allow developers some flexibility in where and when they have to build affordable housing units in exchange for the program’s tax breaks.

Quinn is trying to develop her own plan, to be announced next week during the Council’s stated meeting, that will satisfy Council members and the mayor.

In a letter to Bloomberg, Thompson said:

“I commend your for your ongoing commitment to help solve the city’s affordable housing crisis. However, I am concerned that your recent proposal to expand requirements for developers to provide affordable housing in exchange for tax breaks, falls short of achieving important public policy goals.”

— Azi Paybarah

421-a Means It's 2009